{"id":21128,"date":"2022-03-08T14:24:06","date_gmt":"2022-03-08T14:24:06","guid":{"rendered":"https://www.5paisa.com/finschool/?post_type=markets\u0026#038;p=21128"},"modified":"2023-01-24T01:05:44","modified_gmt":"2023-01-23T19:35:44","slug":"forwards-contract","status":"publish","type":"markets","link":"https://www.5paisa.com/finschool/course/equity-derivatives-course/forwards-contract/","title":{"rendered":"Know About Forwards Contract In Detail"},"content":{"rendered":"\u003cdiv data-elementor-type=\u0022wp-post\u0022 data-elementor-id=\u002221128\u0022 class=\u0022elementor elementor-21128\u0022\u003e\u003csection class=\u0022elementor-section elementor-top-section elementor-element elementor-element-23ba90b elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\u0022 data-id=\u002223ba90b\u0022 data-element_type=\u0022section\u0022\u003e\u003cdiv class=\u0022elementor-container elementor-column-gap-default\u0022\u003e\u003cdiv 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src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Introduction-to-Forward-Contract.png\u0022 alt=\u0022Introduction to Forward Contract\u0022 width=\u0022958\u0022 height=\u0022916\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Introduction-to-Forward-Contract.png 958w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Introduction-to-Forward-Contract-300x287.png 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Introduction-to-Forward-Contract-768x734.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Introduction-to-Forward-Contract-50x48.png 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Introduction-to-Forward-Contract-100x96.png 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Introduction-to-Forward-Contract-150x143.png 150w\u0022 sizes=\u0022(max-width: 958px) 100vw, 958px\u0022 /\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003eForward contract is an agreement made directly between two parties to buy or sell an asset on a specific date in the future, at the terms decided today. Forwards are widely used in commodities, foreign exchange, equity and interest rate markets.\u003c/p\u003e\u003cp\u003eThe basic difference between cash market and forwards? Assume on Nov 9, 2022 you wanted to purchase gold from a goldsmith. The market price for gold on Nov 9, 2022 was Rs. 34000 for 10 gram and goldsmith agrees to sell you gold at market price. You paid him Rs.34000 for 10 gram of gold and took gold. This is a cash market transaction at a price (in this case Rs.34000) referred to as spot price.\u003c/p\u003e\u003cp\u003eNow suppose you do not want to buy gold on Nov 9, 2022, but only after 1 month. Goldsmith quotes you Rs.34,500 for 10 grams of gold. You agree to the forward price for 10 grams of gold and go away. Here, in this example, you have bought forward or you are long forward, whereas the goldsmith has sold forwards or short forwards. There is no exchange of money or gold at this point of time. After 1 month, you come back to the goldsmith pay him Rs. 34,500 and collect your gold. This is a forward, where both the parties are obliged to go through with the contract irrespective of the value of the underlying asset (in this case gold) at the point of delivery.\u003c/p\u003e\u003cp\u003eEssential features of a forward are:\u003c/p\u003e\u003cul\u003e\u003cli\u003eIt is a contract between two parties (Bilateral contract).\u003c/li\u003e\u003cli\u003eAll terms of the contract like price, quantity and quality of underlying, delivery terms like place, settlement procedure etc. are fixed on the day of entering into the contract.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eIn other words, Forwards are bilateral over‐the‐counter (OTC) transactions where the terms of the contract, such as price, quantity, quality, time and place are negotiated between two parties to the contract. Any alteration in the terms of the contract is possible if both parties agree to it.\u003c/p\u003e\u003cp\u003eIn the above mentioned example, if on Jan 9, 2022 the gold trades at Rs. 34,600 in the cash market, the forward contract becomes favorable to you because you can then purchase gold at Rs. 34,500 under the contract and sell in cash market at Rs. 34600 i.e. net profit of Rs. 100. Similarly, if the spot price is 15,400 then you incur loss of Rs. 100 (buy price – sell price).\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide02\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Features-of-Forward-Contract\u0027 style=\u0027padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; \u0027\u003e\u003ch2 style=\u0022text-align: left\u0022\u003e\u003cstrong\u003e3.2 \u003c/strong\u003e\u003cstrong\u003eFeatures Of Forward Contract\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003e\u003cimg decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-63931 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Features-of-Forward-Contract.png\u0022 alt=\u0022Features of Forward Contract\u0022 width=\u0022953\u0022 height=\u0022804\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Features-of-Forward-Contract.png 953w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Features-of-Forward-Contract-300x253.png 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Features-of-Forward-Contract-768x648.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Features-of-Forward-Contract-50x42.png 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Features-of-Forward-Contract-100x84.png 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Features-of-Forward-Contract-150x127.png 150w\u0022 sizes=\u0022(max-width: 953px) 100vw, 953px\u0022 /\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cp\u003e\u003cstrong\u003eBilateral:\u003c/strong\u003e Forward contracts are bilateral contracts, and hence, they are exposed to counter-party risk.\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003e\u003cstrong\u003eMore Risky Than Futures:\u003c/strong\u003e There is risk of non-performance of obligation by either of the parties, so these are riskier than futures contracts.\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003e\u003cstrong\u003eCustomised Contracts:\u003c/strong\u003e Each contract is custom designed, and hence, is unique in terms of contract size, expiration date, the asset type, quality, etc.\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003e\u003cstrong\u003eLong and Short Positions:\u003c/strong\u003e In forward contract, one of the parties takes a long position by agreeing to buy the asset at a certain specified future date. The other party assumes a short position by agreeing to sell the same asset at the same date for the same specified price. A party with no obligation offsetting the forward contract is said to have an open position. A party with a closed position is, sometimes, called a hedger.\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003e\u003cstrong\u003eDelivery Price:\u003c/strong\u003e The specified price in a forward contract is referred to as the delivery price. The forward price at the time of execution of contact is the delivery price that would be applicable to the contract. It is important to differentiate between the forward price and the delivery price. Both are equal at the time the contract is entered into. However, as time passes, the forward price is likely to change whereas the delivery price remains the same.\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide03\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Example-On-Working-Of-A-Forward-Contract\u0027 style=\u0027padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; \u0027\u003e\u003ch2 style=\u0022text-align: left\u0022\u003e\u003cstrong\u003e3.3 \u003c/strong\u003e\u003cstrong\u003eExample On Working Of A Forward Contract\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003cimg decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-63932 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Example-on-Working-of-Forward-Contract.png\u0022 alt=\u0022Example-on-Working-of-Forward-Contract\u0022 width=\u0022850\u0022 height=\u0022665\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Example-on-Working-of-Forward-Contract.png 850w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Example-on-Working-of-Forward-Contract-300x235.png 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Example-on-Working-of-Forward-Contract-768x601.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Example-on-Working-of-Forward-Contract-50x39.png 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Example-on-Working-of-Forward-Contract-100x78.png 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Example-on-Working-of-Forward-Contract-150x117.png 150w\u0022 sizes=\u0022(max-width: 850px) 100vw, 850px\u0022 /\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003eLet’s assume that the company enters into an agreement to buy 100 kgs of coffee beans at Rs 1,000 per kg. The agreement value is Rs 1 Lakh.\u003c/p\u003e\u003cp\u003eAt the time of harvest, the demand for coffee beans rises and the price per kg increases to Rs 1,200. In this case, since the coffee company’s view has come true, they make a profit. So, even though the farmer will make a loss of Rs 200 per kg (Rs 1,200-Rs 1,000) he must still obey the contract and sell the beans at a pre-decided price of Rs 1,000 per kg. Now you may be wondering the farmer is at a loss here. But that’s not the case. On the contrary, a forward contract has helped him mitigate future uncertainties. A forward contract has acted as an excellent risk mitigation tool for him.\u003c/p\u003e\u003cp\u003eNow let’s look at the other side of the picture. Let’s assume the supply of coffee beans rises due to abundant harvest. The price per bag falls to Rs 800. Now the farmer has made a profit of Rs 200 per kg as he has already entered into a forward contract at Rs 1,000 per kg. The company pays the price decided at the time of entering into the agreement and the farmer delivers the beans. This means the contract is settled with physical delivery of goods on the specified date. \u003cstrong\u003eThis is known as physical settlement.\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eThere is also another way to settle a forward contract – \u003cstrong\u003ecash settlement. \u003c/strong\u003eThe company and farmer can mutually decide to settle the contract without any physical delivery. They can settle the difference in cash based on the price of coffee beans at that point.\u003c/p\u003e\u003cp\u003eFor ex. If the price falls to Rs 950 per kg, then the company can pay Rs 5,000 (Rs 1,000-Rs 950 * 100 kgs) to the farmer. He can then take his produce to the local market and sell it for Rs 95,000. The farmer still gets the same Rs 100,000 he was promised at the time of entering the forward contract.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide04\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Advantages-Of-Forward-Contract\u0027 style=\u0027padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; \u0027\u003e\u003ch2 style=\u0022text-align: left\u0022\u003e\u003cstrong\u003e3.4 \u003c/strong\u003e\u003cstrong\u003eAdvantages Of Forward Contract\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-63934 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Advantages-of-Forward-Contract.png\u0022 alt=\u0022Advantages-of-Forward-Contract\u0022 width=\u0022877\u0022 height=\u0022725\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Advantages-of-Forward-Contract.png 877w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Advantages-of-Forward-Contract-300x248.png 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Advantages-of-Forward-Contract-768x635.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Advantages-of-Forward-Contract-50x41.png 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Advantages-of-Forward-Contract-100x83.png 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Advantages-of-Forward-Contract-150x124.png 150w\u0022 sizes=\u0022(max-width: 877px) 100vw, 877px\u0022 /\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cul\u003e\u003cli\u003eThey are easy to understand\u003c/li\u003e\u003cli\u003eIt is a tailor-made contract and is flexible to adjust the needs of both the parties\u003c/li\u003e\u003cli\u003eOffers a complete hedge (i.e. delta neutral hedge) and helps in mitigating the risk\u003c/li\u003e\u003cli\u003eIt can be matched with the time period and cash flows of exposure\u003c/li\u003e\u003cli\u003eAs it is an over-the-counter (OTC) contract, the price of contracts are not known to others, hence provide a price protection.\u003c/li\u003e\u003cli\u003eThere are no immediate cash outflows before settlement of the contract but might require an upfront fee i.e. margin\u003c/li\u003e\u003cli\u003eIt is a tool for speculation\u003c/li\u003e\u003cli\u003ePayoffs are symmetrical, meaning thereby, there is a distinction as one party will gain while other making a loss of an equivalent amount.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide05\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Payoffs-On-Forward-Contracts\u0027 style=\u0027padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; \u0027\u003e\u003ch2 style=\u0022text-align: left\u0022\u003e\u003cstrong\u003e3.5 Payoffs On Forward Contracts\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-63935 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Payoffs-of-Forward-Contract.png\u0022 alt=\u0022Payoffs of Forward Contract\u0022 width=\u0022972\u0022 height=\u0022846\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Payoffs-of-Forward-Contract.png 972w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Payoffs-of-Forward-Contract-300x261.png 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Payoffs-of-Forward-Contract-768x668.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Payoffs-of-Forward-Contract-50x44.png 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Payoffs-of-Forward-Contract-100x87.png 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Payoffs-of-Forward-Contract-150x131.png 150w\u0022 sizes=\u0022(max-width: 972px) 100vw, 972px\u0022 /\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003eForward contracts are privately executed between two parties. The buyer of the underlying commodity or asset is referred to as the long side whereas the seller is the short side. The obligation to buy the asset at the agreed price on the specified future date is referred to as the long position. A long position profits when prices rise.\u003c/p\u003e\u003cp\u003eThe obligation to sell the asset at the agreed price on the specified future date is referred to as the short position. A short position profits when prices go down.\u003c/p\u003e\u003cp\u003eWhat is the payoff of a forward contract on the delivery date? Let T denote the expiration date, K denote the forward price, and PT denote the spot price (or market price) at the delivery date.\u003c/p\u003e\u003cp\u003eThen:\u003c/p\u003e\u003cul\u003e\u003cli\u003eFor the long position: the payoff of a forward contract on the delivery date is PT_ K\u003c/li\u003e\u003cli\u003eFor the short position: the payoff of a forward contract on the delivery date is K_PT\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eFigure shows a payoff diagram on a contract forward. Note that both the long and short forward payoff positions break even when the spot price is equal to the forward price. Also note that a long forward’s maximum loss is the forward price whereas the maximum gain is unlimited.\u003c/p\u003e\u003cp\u003eFor a short forward, the maximum gain is the forward price and the maximum loss is unlimited.\u003c/p\u003e\u003cp\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-21061 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Payoff.png\u0022 alt=\u0022Payoff\u0022 width=\u0022390\u0022 height=\u0022276\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/03/Payoff.png 390w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Payoff-300x212.png 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/03/Payoff-150x106.png 150w\u0022 sizes=\u0022(max-width: 390px) 100vw, 390px\u0022 /\u003e\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003cscript type=\u0027text/javascript\u0027\u003ejQuery(document).ready(function()  {jQuery(\u0027#text_slider\u0027).owlCarousel({items  :  1,smartSpeed  :  400,autoplay  :  false,autoplayHoverPause  :  false,smartSpeed  :  400,fluidSpeed  :  400,autoplaySpeed  :  400,navSpeed  :  400,dotsSpeed  :  400,dotsEach  :  1,loop  :  false,nav  :  true,navText  :  [\u0027Previous\u0027,\u0027Next\u0027],dots  :  true,responsiveRefreshRate  :  200,slideBy  :  1,mergeFit  :  true,autoHeight  :  true,mouseDrag  :  false,touchDrag  :  true});jQuery(\u0027#text_slider\u0027).css(\u0027visibility\u0027, \u0027visible\u0027);var  owl_goto  =  jQuery(\u0027#text_slider\u0027);jQuery(\u0027.text_slider_goto1\u0027).click(function(event){owl_goto.trigger(\u0027to.owl.carousel\u0027,  0);});jQuery(\u0027.text_slider_goto2\u0027).click(function(event){owl_goto.trigger(\u0027to.owl.carousel\u0027,  1);});jQuery(\u0027.text_slider_goto3\u0027).click(function(event){owl_goto.trigger(\u0027to.owl.carousel\u0027,  2);});jQuery(\u0027.text_slider_goto4\u0027).click(function(event){owl_goto.trigger(\u0027to.owl.carousel\u0027,  3);});jQuery(\u0027.text_slider_goto5\u0027).click(function(event){owl_goto.trigger(\u0027to.owl.carousel\u0027,  4);});var  resize_21058  =  jQuery(\u0027.owl-carousel\u0027);resize_21058.on(\u0027initialized.owl.carousel\u0027,  function(e)  {if  (typeof(Event)  === \u0027function\u0027)  {window.dispatchEvent(new  Event(\u0027resize\u0027));}  else  {var  evt  =  window.document.createEvent(\u0027UIEvents\u0027);evt.initUIEvent(\u0027resize\u0027,  true,  false,  window,  0);window.dispatchEvent(evt);}});});\u003c/script\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0022slides-tab\u0022 class=\u0022clearfix eael-tab-content-item \u0022 data-title-link=\u0022slides-tab\u0022\u003e\u003cp\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022size-full wp-image-11528 aligncenter\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview.png\u0022 alt=\u0022\u0022 width=\u0022612\u0022 height=\u0022408\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview.png 612w, https:/www.5paisa.com/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview-300x200.png 300w\u0022 sizes=\u0022(max-width: 612px) 100vw, 612px\u0022 /\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0022videos-tab\u0022 class=\u0022clearfix eael-tab-content-item \u0022 data-title-link=\u0022videos-tab\u0022\u003e\u003cp\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-11528 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview.png\u0022 alt=\u0022\u0022 width=\u0022612\u0022 height=\u0022408\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview.png 612w, https:/www.5paisa.com/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview-300x200.png 300w\u0022 sizes=\u0022(max-width: 612px) 100vw, 612px\u0022 /\u003e\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/section\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/section\u003e\u003c/div\u003e","protected":false},"excerpt":{"rendered":"\u003cp\u003eStudy Slides Videos 3.1 Introduction To Forward Contract Forward contract is an agreement made directly between two parties to buy or sell an asset on a specific date in the future, at the terms decided today. Forwards are widely used in commodities, foreign exchange, equity and interest rate markets. The basic difference between cash market … \u003ca title=\u0022Know About Forwards Contract In Detail\u0022 class=\u0022read-more\u0022 href=\u0022https://www.5paisa.com/gujarati/finschool/course/equity-derivatives-course/forwards-contract/\u0022 aria-label=\u0022Read more about Know About Forwards Contract In Detail\u0022\u003eRead more\u003c/a\u003e\u003c/p\u003e","protected":false},"author":1,"featured_media":0,"parent":21115,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"class_list":["post-21128","markets","type-markets","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets/21128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets"}],"about":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/types/markets"}],"author":[{"embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/users/1"}],"replies":[{"embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/comments?post=21128"}],"version-history":[{"count":9,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets/21128/revisions"}],"predecessor-version":[{"id":38471,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets/21128/revisions/38471"}],"up":[{"embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets/21115"}],"wp:attachment":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/media?parent=21128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/categories?post=21128"}],"curies":[{"name":"wp","href":"https://api.w.org/{rel}","templated":true}]}}